Way to be, Max:
Fewer middle-income families would qualify for tax credits to purchase health insurance, under a little-noticed change to the Senate Finance Committee health bill made just before the markup began in late September.
Under the bill, eligible individuals and families with annual incomes of between 100 and 400 percent of the federal poverty line would receive tax credits to cover the cost of insurance purchased through state exchanges. As part of a package of managers’ modifications, Finance Chairman Max Baucus changed the definition of income from “modified adjusted gross income,” or AGI plus investment interest, to simply “modified gross income.”
That is a departure from the way all other federal tax credits are calculated, and it means when determining eligibility for the credit, the IRS would have to disregard a household’s usual above-the-line deductions, such as for individual retirement account contributions and college tuition.
It really is awesome how these guys think- make everything more complicated, save very little, and screw the folks who need the help while mandating they buy insurance. About the only thing missing is mandating they give up their first born. Well played, President Baucus!
There seriously are days I think half the Democrats in the Senate are Republican moles.